Key Takeaways
- BTC slipped less than 1% over the past 24 hours and is currently trading below $87,000.
- If the bullish trend does not hold, further declines are possible.
Bitcoin stalls around $86,000
Prices for Bitcoin (BTC), Ethereum (ETH) and Ripple (XRP) have been hovering near key levels after a positive start to the week. The price action of major cryptocurrencies suggests that bearish momentum is weakening.
However, bulls have been unable to push prices substantially higher, and Bitcoin could return to lower support levels in the near term. If those support zones hold, Bitcoin may resume an upward move over the coming days.
Analysts remain optimistic that Bitcoin’s price could strengthen over the medium to long term. Commenting on current market conditions, Coinbase UK CEO Keith Grose said,
“Market conditions are evolving as institutions across Europe approach digital assets in a more structured and regulated way. We are seeing clearer frameworks emerge, stronger infrastructure develop, and early examples of central banks and financial institutions running controlled pilots to build practical understanding — including the recent decision by the Czech National Bank to test a small, segregated portfolio of digital assets.”
Bitcoin price could face additional pressure
The four-hour BTC/USD chart looks bearish and cautious, as Bitcoin underperformed over the past 24 hours. The leading cryptocurrency found support around the psychological $80,000 level on Friday and has recovered modestly since then.
At the time of writing, Bitcoin is trading around $86,800 per coin after failing to overcome resistance at $90,000. If the recovery continues, BTC could move toward the next important resistance at $90,000. ILQ and TLQ levels above $92,000 could also act as short-term targets for Bitcoin.
The four-hour Relative Strength Index (RSI) reads 47 after falling below oversold levels last week, indicating downward pressure has eased. MACD lines are also approaching bullish territory, suggesting buyers still retain some control.
However, if BTC fails to break above the $90,000 resistance, the decline could extend toward the key psychological level at $80,000.